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Monday, October 14. 2013

Almost everyone says that you must have health insurance. Here is why that isn't necessarily true:

• If you have a family to insure or are over age 50, you can buy quite a bit of health care for the same amount you will pay for premiums, deductibles, and copays under Obamacare.

• If people paid directly for their own health care, prices would plummet. About 50% of the prices you are charged are for overhead—much of it the office staff and systems needed to track insurance claims. Hospitals and doctors would be forced to publish and guarantee their prices. Competition—the only genuine means of driving down prices without sacrificing performance and quality—would ensue.

• Hospitals set highly inflated prices because that gives them negotiating leverage with insurance carriers. No one—not even the wealthiest—really pays those prices. Many hospitals will give you an automatic 25% discount just for being a self-pay patient. Many doctors will negotiate a 50% discount if you pay directly. Depending on your income and outstanding bills, you may be able to obtain even higher discounts. Demand an itemized bill.

• Hospitals and physicians groups are happy to accept monthly payments. Those who pay for their own health care establish personal credit with local hospitals and doctors. People who pay for their own health care receive better service. These things could come in handy if the government begins denying expensive health care services to older or sicker patients insured under Obamacare.

• You may be able to enhance your standing with your preferred hospital by doing volunteer work, fundraising, and/or making regular donations.

• Yes, there are risks associated with being uninsured. Uninsured patients are usually disqualified from receiving organ transplants. Long hospital stays are rare these days—less expensive home care is usually, but not always, an option. Be sure you fully understand the risks before choosing to be a self-pay patient.

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